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LONDON (Alliance News) - Jersey Oil & Gas PLC on Monday said it remains confident it will be able to snap up assets in the UK North Sea in 2016 as its pretax loss narrowed in 2015.
Jersey said it made a pretax loss of GBP1.4 million in 2015, compared to GBP44.4 million in 2014, resulting from a fall in cost of sales and by a big drop in one-off writedowns. Revenue fell to USD4.1 million from USD13.4 million, however.
The company, which is seeking to acquire assets in the UK Continental Shelf area of the North Sea, said the acquisition and divestment market in the North Sea remains active, providing an increasing number of potential asset acquisition opportunities.
Jersey said it is confident it will be able to transact on a number of deals in 2016, though it said no acquisitions yet have been agreed, in part due to "unrealistic" expectations amongst companies selling assets within a volatile oil market. The company said it is currently involved in 9 sales processes involving more than 25 field interests.
"We remain excited about the company's prospects for 2016 and our ability to secure attractive producing assets and look forward to updating shareholders on our progress in due course," said Chief Executive Andrew Benitz.
Jersey shares were down 11% to 16.00 pence Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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